Air China 2007 profit 4bn RMB. So lets say 2.5bn for 2008 with the fuel price and earthquake. NX losing 500m RMB. So NX=25% of Air China profits this year. Oops. So actually, the real Air China number will now be nearer 2.0bn due to NX.
Air China board meeting was on 26th. If they put money in, they have to cut the airline in half. If so, Mr F and VPFO were probably told this week they have until end Sep to get rid of half of all staff. So previous post about staff losses look about right. It will be an interesting few weeks.
Get your bucket and spade ready...